Emoployee Retention

Chapter scheme of the project Report 1. Introduction to the topic, Reason for selecting the topic. 2. Company / Organization Profile. 3. Industry Profile 4. Scope of work, Objectives of the Project Work. 5. Research Methodology. 6. Data Collection 7. Data Analysis 8. Conclusions. 9. Suggestions, Recommendations 10. Limitations 11. Bibliography in the standard international format i.e. Author (s), "Title (in quotes)", Publisher, edition, page numbers. 12. References in the standard international format i.e. Author (s), "Title of the Article (in quotes)", Title of the journal/magazine, issue date & month, year (e.g. 15th Sept. 2008) page numbers. THE REFERENCES MUST BE COMPLETE IN ALL RESPECTS.

Employee retention Introduction

Employee retention refers to the ability of an organization to retain its employees. Employee retention can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organisation kept 80% of its employees in a given period). However, many consider employee retention as relating to the efforts by which employers attempt to retain employees in their workforce. In this sense, retention becomes the strategies rather than the outcome. In a Business setting, the goal of employers is usually to decrease employee turnover, thereby decreasing training costs, recruitment costs and loss of talent and organisational knowledge. By implementing lessons learned from key organizational behavior concepts employers can improve retention rates and decrease the associated costs of high turnover. However, this isn't always the case. Employers can seek "positive turnover" whereby they aim to maintain only those employees who they consider to be high performers. Retention Retention in the workplace refers to the percentage of employees who were employed at the beginning of a period, and remain with the company at the end of the period.[5] For example, in January, 2010, Company A had 500 employees. After one year, 200 of the 500 employees were still working for the company. The retention rate is 200/500 = 40%. In a human resources context, turnover or staff turnover or labour turnover is the rate at which an employer gains and loses employees. Simple ways to describe it are "how long employees tend to stay" or "the rate of traffic through the revolving door". Turnover is measured for individual companies and for their industry as a whole. If an employer is said to have a high turnover relative to its competitors, it means that employees of that company have a shorter average tenure than those of other companies in the same industry. High turnover may be harmful to a company's productivity if skilled workers are often leaving and the worker population contains a high percentage of novice workers

.i nternal versus external turnover Like recruitment, turnover can be classified as "internal" or "external".[6] Internal turnover involves employees leaving their current positions and taking new positions within the same organization. Both positive (such as increased morale from the change of task and supervisor) and negative (such as project/relational disruption, or the Peter Principle) effects of internal turnover exist, and therefore, it may be equally important to monitor this form of turnover as it is to monitor its external counterpart. Internal turnover might be moderated and controlled by typical HR mechanisms, such as an internal recruitment policy or formal succession planning.
Causes of high or low turnover

High turnover often means that employees are unhappy with the work or compensation, but it can also indicate unsafe or unhealthy conditions, or that too few employees give satisfactory performance (due to unrealistic expectations, inappropriate processes or tools, or poor candidate screening). The lack of career opportunities and challenges, dissatisfaction with the job-scope or conflict with the management have been cited as predictors of high turnover.[7] Low turnover indicates that none of the above is true: employees are satisfied, healthy and safe, and their performance is satisfactory to the employer. However, the predictors of low turnover may sometimes differ than those of high turnover. Aside from the fore-mentioned career opportunities, salary, corporate culture, management's recognition, and a comfortable workplace seem to impact employees' decision to stay with their employer.[7] Many psychological and management theories exist regarding the types of job content which is intrinsically satisfying to employees and which, in turn, should minimise external voluntary turnover. Examples include Hertzberg's two factor theory, McClelland's Theory of Needs, and Hackman and Oldham's Job Characteristics Model.[8] Thomas suggests that there tends to be a higher level of stress with people who work with or interact with a narcissist, which in turn increases absenteeism and staff turnover.[9]
Calculation

Labour turnover is equal to the number of employees leaving, divided by the average total number of employees, multiplied by 100 (in order to give a percentage value).

The number of employees leaving and the total number of employees are measured over one calendar year. For example, in a business with an average of 300 employees over the year, 21 of whom leave, labour turnover is 7%. This is derived from (21/300)*100.

Company Profile

Type

Public

Industry

Hospitality, Tourism

Founded

Washington D.C (USA)

Headquarter

Bethesda, Maryland, United States

Area Served

Worldwide

Key people

J. W. "Bill" Marriott-Jr. Executive Chairman a Chairman of the Board Arne Sorenson- President and Chief Executiv Officer

Products

Hotels & Resorts

Marriott International, Inc. is an American diversified hospitality company that has franchisor of a broad portfolio of hotels and relatedlodging facilities. Founded by J. Willard Marriott, the company is now led by Arne Sorenson. Today, Marriott International has more than 3,700 properties in over 73 countries and territories around the world.

History
Marriott was founded by J. Willard Marriott in 1927 when he and his wife opened a root beer stand in Washington D.C..[3] As a Mormon missionary in the sweltering, humid summers in Washington D.C, Marriott was convinced that what the city needed was a such a place to get a cool drink.[4] They later expanded their enterprises into a chain of restaurants and hotels.[5] The Key Bridge Marriott in Arlington, Virginia is Marriott Internationals longest operating hotel, and celebrated its 50th anniversary in 2009.[6] Their son and current Chairman and Chief Executive Officer, J.W. (Bill) Marriott, Jr. has led the company to spectacular worldwide growth. Today, Marriott International has about 3,400 lodging properties located in the United States and 67 other countries and territories. Edwin D. Fuller is the current President and Managing Director of International Lodging for Marriott International. Marriott International was formed in 1992 when Marriott Corporation split into two companies, Marriott International and Host Marriott Corporation. In 2002 Marriott International began a major restructuring by spinning off many Senior Living Services Communities (which is now part ofSunrise Senior Living) and Marriott Distribution Services, so that it could focus on hotel ownership and management. The changes were completed in 2003.[7] In April 1995, Marriott International acquired a 49% interest in the Ritz-Carlton Hotel Company LLC.[8] Marriott International believed that it could increase sales and profit margins at the Ritz, a troubled chain with a significant number of properties either losing money or barely breaking even. The cost of Marriott's initial investment was estimated to be about $200 million in cash and assumed debt. The next year, Marriott spent $331 million to take over the Ritz-Carlton Atlanta and buy a majority interest in two properties owned by William Johnson, a real estate developer who had purchased the Ritz-Carlton Boston in 1983 and expanded his Ritz holdings over the next twenty years. The Ritz began expansion into the lucrative timeshare market among other new initiatives made financially possible by the deep pockets of Marriott, which also lent its own in-house expertise in certain areas. There were other benefits for Ritz-Carlton flowing from its relationship with Marriott, such as being able to take advantage of the parent company's reservation system and buying power. The partnership was solidified in 1998 when Marriott boosted its interest in Ritz-Carlton to 99 percent. By 1999 revenues from the 35 hotels it operated around the world totaled about $1.4 billion. The Marriott World Trade Center was indirectly destroyed during the September 11, 2001 attacks. The Marriott Hotel bombing occurred in 2003.

Marriott International owned Ramada International Hotels & Resorts until its sale on September 15, 2004 to Cendant. It is the first hotel chain to serve food that is completely free of trans fats at all of its North American properties.[9][10] In 2005, Marriott International and Marriott Vacation Club International comprised two of the 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[11][12][13] On July 19, 2006, Marriott announced that all lodging buildings they operate in the United States and Canada would become non-smokingbeginning September 2006. "The new policy includes all guest rooms, restaurants, lounges, meeting rooms, public space and employee work areas."[14] There was a bombing at the Islamabad Marriott in 2008 and at the Jakarta Marriott in 2009. On November 11, 2010, Announced plans to add over 600 hotel properties by 2015, the bulk of the additions will be in the emerging markets of India, where it plans to have 100 hotel properties and other countries include China and Southeast Asia.[15] On January 21, 2011, Marriott said that pornography would not be included in the entertainment offered at new hotels, which will use an internet-based video on demand system.[16] On December 13, 2011, J. W. Marriott, Jr. announced he would be stepping down as CEO of the company, whilst remaining executive chairman. It was announced that Arne Sorenson would be taking over as CEO as of March 2012.[17] The hotel is noted for including copies of the Book of Mormon in addition to the Holy Bible.

Marriott Brands
Full-service lodging

Marriott Hotels & Resorts

JW Marriott Hotels & Resorts

Renaissance Hotels

Ritz-Carlton

BULGARI Hotels & Resorts

Select-service lodging

Courtyard by Marriott

Fairfield Inn by Marriott

Springhill Suites by Marriott

Extended-stay lodging

Marriott ExecuStay

Residence Inn by Marriott

TownePlace Suites by Marriott

Marriott Executive Apartments

Hospitality industry
The hospitality industry is a broad category of fields within the service industry that includes lodging, restaurants, event planning, theme parks, transportation, cruise line, and additional fields within thetourism industry. The hospitality industry is a several billion dollar industry that mostly depends on the availability of leisure time and disposable income. A hospitality unit such as a restaurant, hotel, or even an amusement park consists of multiple groups such as facility maintenance, direct operations (servers, housekeepers, porters, kitchen workers, bartenders, etc.), management, marketing, and human resources. The hospitality industry covers a wide range of organizations offering food service and accommodation. The industry is divided into sectors according to the skill-sets required for the work involved. Sectors include accommodation, food and beverage, meeting and events, gaming, entertainment and recreation, tourism services, and visitor information.